July 15th Tax Deadline Approaching

If you did not file your 2019 taxes by the traditional April 15^th deadline, please know that the extended filing deadline of July 15^th is quickly approaching.

The Internal Revenue Service is reminding all taxpayers who have yet to file their 2019 federal tax return to:

file electronically;
choose direct deposit for their refund;
or pay any tax owed electronically.

Electronic options will support social distancing and speed the processing of tax returns, refunds and payments.

Should you need more time to prepare your federal tax return, please note the following:

An extension of time to file a return does not grant any extension of time to pay taxes.
Taxpayers should estimate and pay any owed taxes by the July 15 deadline to help avoid possible penalties.
Taxpayers must file their extension request no later than the July 15 postponed due date of their return.

In addition to tax payments that may be due, quarterly estimates will also be due soon. If you need assistance with any of these items, now is the time to reach out to your accountant.

As always, if you have questions about this or other topics, please know we are available to speak by phone at 215-675-8364.

DISCLAIMER: The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.